In the calculation of risk, the expected value of all losses exceeding the calculated value at risk (expected shortfall is also called conditional value at risk [CVaR], average value at risk [AVaR], and expected tail loss [ETL]). – See Herfindahl-Hirschman index, confidence level, market valuation method, risk management. – Cf. Deutsche Bundesbank Monthly Report of December 2007, p. 59 f. (measurement in connection with economic capital requirements).
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